do I have a chance??

paulman

Hi, new poster here. I have read many of the threads on reclaiming PPI and wanted to go through my circumstances to see if people reckon I've got a chance of reclaiming my PPI.

My partner and I have an unsecured loan with Northern Rock started in 2006 and it was a single premium PPI which added about £9000 to the loan when it was taken out. I am in the process of cancelling the rip off insurance and an considering a mis selling claim on the basis that it was never explained that interest would be charged on the PPI amount and also that other policies were available on a monthly basis.

We also have an unsecured loan with the CO OP which again has a single premium PPI of £4600 which was taken out in Nov 2005. I have cancelled the PPI and the loan has been restructured to take into account of the cheaper premiums, however I will have to sign a new loan agreement as the advisor says that it is in effect a new loan (the APR is the same and I have not had to have a credit search).
I am considering a mis selling claim due to the fact that:
the insurance is only in my name although the loan is a joint one
there is a maximum of 12 months unemployment cover in any one claim (although I could claim again after 6 months of employment)
I was not made aware of alternative policies on a monthly basis "as we only sell our products"

Any thoughts from the esteemed panel??
Thanks
Paulman

di3004

paulman wrote: »

Hi, new poster here. I have read many of the threads on reclaiming PPI and wanted to go through my circumstances to see if people reckon I've got a chance of reclaiming my PPI.

My partner and I have an unsecured loan with Northern Rock started in 2006 and it was a single premium PPI which added about £9000 to the loan when it was taken out. I am in the process of cancelling the rip off insurance and an considering a mis selling claim on the basis that it was never explained that interest would be charged on the PPI amount and also that other policies were available on a monthly basis.

We also have an unsecured loan with the CO OP which again has a single premium PPI of £4600 which was taken out in Nov 2005. I have cancelled the PPI and the loan has been restructured to take into account of the cheaper premiums, however I will have to sign a new loan agreement as the advisor says that it is in effect a new loan (the APR is the same and I have not had to have a credit search).
I am considering a mis selling claim due to the fact that:
the insurance is only in my name although the loan is a joint one
there is a maximum of 12 months unemployment cover in any one claim (although I could claim again after 6 months of employment)
I was not made aware of alternative policies on a monthly basis "as we only sell our products"

Any thoughts from the esteemed panel??
Thanks
Paulman

Hello Paulman and welcome,;)

I would with your reasons try to reclaim on the PPI, and interest etc.

This seems to be the norm now when cancelling, when new loans are taken out without the PPI to pay off the existing loan, but you can still reclaim on the ppi you paid on this original loan.

Most banking policies are those of cover up to 12 months, where it can be reclaimable again after 6 or sometimes 3 months, as this may vary.
This will however go on for the life of the loan.
You do have a point when it only covers yourself though.

There are also some companies that sell these single policies if a secured loan which are also a rip off, in case this also occurs to you, for example, some take secured loans out for over say 20 - 25 years and the cover is that of 5 years only, where if this is taken out, people still have to pay for the remainder of the loan and ppi for the remaining years, where they would only be covered for 5.
Thought I would mention this to you in case this type of policy also occurs to you.

However, with your reasons you have now there is no harm in trying to reclaim on your ppi etc.;)

Check this link below for more info, you will find useful guidelines of reclaiming of the PPI, a checklist of mis selling reasons, and letter templates, have a good look through, if you require any help then give us a yell, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Di

marshallka

paulman wrote: »

Hi, new poster here. I have read many of the threads on reclaiming PPI and wanted to go through my circumstances to see if people reckon I've got a chance of reclaiming my PPI.

My partner and I have an unsecured loan with Northern Rock started in 2006 and it was a single premium PPI which added about £9000 to the loan when it was taken out. I am in the process of cancelling the rip off insurance and an considering a mis selling claim on the basis that it was never explained that interest would be charged on the PPI amount and also that other policies were available on a monthly basis.

We also have an unsecured loan with the CO OP which again has a single premium PPI of £4600 which was taken out in Nov 2005. I have cancelled the PPI and the loan has been restructured to take into account of the cheaper premiums, however I will have to sign a new loan agreement as the advisor says that it is in effect a new loan (the APR is the same and I have not had to have a credit search).
I am considering a mis selling claim due to the fact that:
the insurance is only in my name although the loan is a joint one
there is a maximum of 12 months unemployment cover in any one claim (although I could claim again after 6 months of employment)
I was not made aware of alternative policies on a monthly basis "as we only sell our products"

Any thoughts from the esteemed panel??
Thanks
Paulman

Hi, when you say the loan was restructured with one with cheaper premiums did you actually want ANY insurance with them? I take it they have now sold you a stand alone type policy????

Also if you claim it would only pay out a maximum 12 months then most actually only do this. And again, they do not have to make you aware of other policies so to speak but you should not be made to buy theirs either. Perhaps its better here to say that you had no choice in buying their policy and it was conditional to the loan if in fact it was.

paulman

Hi,
When I rang the Co Op to cancel the PPI the "new" loan does not have PPI as I am sourcing a standalone policy elsewhere.

I also checked whether there was an insurance policy available that covered both of us available when the loan was originally taken out and was told that there was not, which I feel strengthens my mis selling case.

Paulman

paulman

an update to the Northern Rock reclaim. I rang them today to cancel the PPI part of the loan as I had already logged a misselling PPI (based on the fact that I was not informed that the PPI was a single premium and was not informed that this would incur interest and was also not told insurance could be purchased elsewhere) and was told that as this had now gone to head office it could not be cancelled over the phone. I told him that it could take many weeks to find in my favour (hopefully!) and that I would still be paying over the odds for insurance but he said that it would be logged that I would not be financially disadvantaged by continuing to pay the PPI part of the loan while the process goes on. Interesting to see what happens to the extra premiums I will have paid if I lose the case....

Just goes to show what can happen if you try and cancel PPI whilst going through a misselling claim.

marshallka

paulman wrote: »

an update to the Northern Rock reclaim. I rang them today to cancel the PPI part of the loan as I had already logged a misselling PPI (based on the fact that I was not informed that the PPI was a single premium and was not informed that this would incur interest and was also not told insurance could be purchased elsewhere) and was told that as this had now gone to head office it could not be cancelled over the phone. I told him that it could take many weeks to find in my favour (hopefully!) and that I would still be paying over the odds for insurance but he said that it would be logged that I would not be financially disadvantaged by continuing to pay the PPI part of the loan while the process goes on. Interesting to see what happens to the extra premiums I will have paid if I lose the case....

Just goes to show what can happen if you try and cancel PPI whilst going through a misselling claim.

I would always say its best to send a letter (recroded delivery) to cancel anyway as you alway have a proof then. It could be thought of as postive if they have said this in that your claim going to win and they are perhaps doing a new agreement now;). I know this is wishful thinking but I think it really could be the case.

Good luck

paulman

Hi Paulman here again,
Logged a mis selling complaint with Northern Rock by phone and have now received a questionnaire asking me for details of the PPI policy etc. and also details of whether I have any other PPIs and whether I voiced any concerns about the policy at the time of the loan being taken out. I feel this is irrelevant as my claim is about the policy itself (Single premium and the company never informed me this would be subject to interest etc.etc. so why should I?) so am considering sending it back blank with a covering letter stating "You have my details already now get on with it".
Any advice from the esteemed panel

marshallka

paulman wrote: »

Hi Paulman here again,
Logged a mis selling complaint with Northern Rock by phone and have now received a questionnaire asking me for details of the PPI policy etc. and also details of whether I have any other PPIs and whether I voiced any concerns about the policy at the time of the loan being taken out. I feel this is irrelevant as my claim is about the policy itself (Single premium and the company never informed me this would be subject to interest etc.etc. so why should I?) so am considering sending it back blank with a covering letter stating "You have my details already now get on with it".
Any advice from the esteemed panel

You can do that, others have done but apparently these are sent out to speed up the process of the reclaiming etc.

aggcardiff

Hi! i recently won around £6k from N Rock. I also received the form and sent it to them (completed). One tip - none of the various departments who will be dealing with you seem to communicate very well with each other. Be sure to send everything by recorded delivery and log every phone call conversation / names etc. If you need any more advice - get in touch. Good luck!

marshallka

aggcardiff wrote: »

Hi! i recently won around £6k from N Rock. I also received the form and sent it to them (completed). One tip - none of the various departments who will be dealing with you seem to communicate very well with each other. Be sure to send everything by recorded delivery and log every phone call conversation / names etc. If you need any more advice - get in touch. Good luck!

Thanks for posting. So just goes to show that the form can be a good thing also.;)